Maguire Hayden has expanded its industrial holdings and paid $23.1 million for a South Jersey building that houses operations for Amoroso’s Baking Co., according to property records.
The 382,000-square-foot building at 151 Benigno Blvd. in Bellmawr was sold by 151 Partners LLC and Quattro Foods Group LLC, which are both affiliates of the Amoroso family and the baking company, according to Camden County property records. Amoroso’s will continue to lease the building on a long-term basis, according to sources familiar with the deal. A representative from Maguire Hayden declined to comment on the transaction.
The Amoroso-related entities bought the South Jersey property in 2013 for $4.94 million from Harcourt Inc., which had used it as a distribution center for its publishing business. Amoroso’s shifted its Philadelphia operations and 200 jobs at 845 S. 55th St. to the Bellmawr property in 2015 after receiving $20 million in Grow NJ tax credits.
Conshohocken-based Maguire Hayden began to shift its focus from office properties to industrial real estate in 2012. It has been buying industrial properties throughout the Mid-Atlantic and looks for properties on the scale of the Amoroso’s building or smaller.
*Article courtesy of Philadelphia Business Journal
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